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Humm Announces New Retailers In Push Against Afterpay

UPDATE: FlexiGroup shares surged off the back of the announcement, climbing 24% to close the day at $1.68.

Financier FlexiGroup has announced a new deal with several retailers set to incorporate its Afterpay-rivalling humm platform.

JB Hi-Fi New Zealand, Myer, Ikea, and several other retailers and health care providers will now offer humm to customers.

Humm is a consolidation of two other Buy Now Pay Later platforms, Certegy EziPay and OxiPay.

FlexiGroup issued a statement today updating the ASX on the new partnerships, which takes the number of Australian websites and physical stores offering humm to over 13,000 individual locations.

FlexiGroup CEO Rebecca James said the adoption by new retailers reflects an increased appetite for Buy Now Pay Later services and brings new growth opportunities to retailers.

“Consumers are demanding to have greater control over their finances.

“These retailers have seen how the humm platform supports customers in financing their lifestyles,” Ms James said in the statement.

More than 1.5 million Australians used Buy Now Pay Later platforms in the 12 months up to January 31 this year.

Over 40% were millennials.

Humm uses monthly fees and other charges to offer “interest free” financing up to $30,000.

Customers borrowing up to $2,000 have up to 20 weeks to repay, with a monthly fee of $8 kicking in if not repaid in the first 10 weeks.

Those borrowing more than $2,000 have up to 5 years to repay, with the same $8 monthly fee, as well as a $35-$90 establishment fee for new customers, which drops to $22 for existing ones.

A late payment fee of $6 applies to all loans.

Humm claims a 17% market share of the number of Buy Now Pay Later purchases in Australia.

FlexiGroup shares jumped more than 15% in early trade on the back of the announcement this morning.

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